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Fidelity National Financial (FNF)
NYSE:FNF
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Fidelity National Financial
(NYSE:FNF)
Select Model
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Rating:74Outperform
Price Target:
$66.00
▲(27.07% Upside)
Action:UpgradedDate:11/13/25
Fidelity National Financial's strong earnings call performance and solid financial health are the most significant factors driving the score. The positive technical indicators and reasonable valuation further support the stock's attractiveness. However, attention is needed on cash flow growth and operational efficiency.
Positive Factors
Strong Revenue Growth
The consistent revenue growth indicates a robust market position and effective business strategies, supporting long-term financial stability.
AI and Technology Integration
Successful integration of AI and technology enhances operational efficiency and customer experience, providing a competitive edge.
Growth in Refinance Orders
The increase in refinance orders reflects adaptability to market conditions, contributing to revenue stability and growth.
Negative Factors
Decline in Free Cash Flow Growth
A decline in free cash flow growth can limit investment opportunities and affect liquidity, posing risks to financial flexibility.
Pressure on Operational Margins
Pressure on operational margins could impact profitability, necessitating cost management and efficiency improvements.
Decline in Purchase Orders
A decline in purchase orders may indicate market challenges, potentially affecting future revenue and growth prospects.
Fidelity National Financial (FNF) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.08B
Dividend Yield3.69%
Average Volume (3M)1.50M
Price to Earnings (P/E)23.1
Beta (1Y)0.58
Revenue Growth3.91%
EPS Growth55.78%
CountryUS
Employees23,533
SectorFinancial
Sector Strength70
IndustryInsurance - Specialty
Share Statistics
EPS (TTM)1.41
Shares Outstanding271,122,560
10 Day Avg. Volume1,490,616
30 Day Avg. Volume1,502,766
Financial Highlights & Ratios
PEG Ratio-0.47
Price to Book (P/B)1.65
Price to Sales (P/S)1.02
P/FCF Ratio0.00
Enterprise Value/Market Cap-4.08
Enterprise Value/Revenue-4.04
Enterprise Value/Gross Profit-4.05
Enterprise Value/Ebitda-25.01
Forecast
1Y Price Target
$69.00Price Target Upside32.85% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)6.02
Revenue Forecast (FY)$15.35B
Fidelity National Financial Business Overview & Revenue Model
Company DescriptionFidelity National Financial, Inc., together with its subsidiaries, provides various insurance products in the United States. The company operates through Title, F&G, and Corporate and Other segments. It offers title insurance, escrow, and other title related services, including trust activities, trustee sales guarantees, recordings and reconveyances, and home warranty insurance. The company also provides technology and transaction services to the real estate and mortgage industries; and mortgage transaction services, including title-related services and facilitation of production and management of mortgage loans. In addition, it offers annuity and life insurance products, such as deferred annuities that include fixed indexed, fixed rate, and immediate annuities, as well as indexed universal life insurance products. Further, the company engages in the real estate brokerage business. Fidelity National Financial, Inc. was founded in 1847 and is headquartered in Jacksonville, Florida.
How the Company Makes MoneyFidelity National Financial generates revenue primarily through the sale of title insurance policies and related services. The company earns title insurance premiums when customers purchase policies to protect against potential claims on property titles. Additionally, FNF generates income from escrow and closing services during real estate transactions. The company also benefits from ancillary services, such as technology solutions for real estate transactions and risk management services. Key revenue streams include residential and commercial title insurance, which are influenced by the volume of real estate transactions in the market. Furthermore, FNF has established partnerships with real estate agents, mortgage brokers, and lenders, which enhance its distribution network and contribute to its earnings. Economic factors such as interest rates, housing market trends, and regulatory changes also impact the company's revenue potential.
Fidelity National Financial Key Performance Indicators (KPIs)
Any
Revenue By Segment
Shows how much revenue each business segment generates, highlighting which areas are driving growth and which may need strategic adjustments.
Shows how much revenue each business segment generates, highlighting which areas are driving growth and which may need strategic adjustments.
Data provided by:
The Fly
The FlyFidelity National Financial Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call highlighted strong operational performance — notably industry-leading Title margins, robust commercial revenue growth, substantial technology adoption (inHere and AI), and solid F&G AUM and sales growth — along with meaningful shareholder returns via dividends and buybacks. Offsetting items included a large noncash deferred tax charge that produced a Q4 GAAP net loss, modest declines in investment income due to rate cuts, reduced holding company liquidity versus prior-year, and ongoing low transactional housing volumes. Overall, the company appears well-positioned financially and operationally, with constructive guidance and capital allocation plans but with near-term noise from accounting and macro rate/headwind effects.Q4-2025 Updates
Positive Updates
Strong Title Segment Profitability
Adjusted pretax Title earnings of $401,000,000 in Q4 and $1,400,000,000 for full-year 2025, producing industry-leading adjusted pretax Title margins of 17.5% in Q4 and 15.9% for the full year.
Robust Commercial Revenue and Activity
Direct commercial revenue nearly $1,500,000,000 for the full year and $479,000,000 in Q4, a 27% increase over 2024; national revenues up 33% and local revenues up 20%. Total commercial orders averaged 815 per day, up 8% versus 2024, with commercial refinance orders up 21% year-over-year.
Improving Refinance and Order Trends
Refinance orders opened averaged 1,700 per day in Q4 (up from 1,600 sequentially) and were up 38% over 2024; January refinance orders were up 75% year-over-year and 28% versus December. Overall orders opened averaged 5,300 per day in Q4 and 5,900 per day in January (up 29% versus December).
Technology Adoption and Productivity Gains
inHere digital transaction platform engaged 80% of residential sale transactions and reached nearly 2,800,000 unique users in 2025; curated data and technology touched over 90% of total volume. Enterprise-wide AI tools deployed to improve productivity and margins.
F&G Growth and Capital Actions
F&G AUM before flow reinsurance grew to $73,100,000,000, up 12% year-over-year; retained AUM $57,600,000,000 (up 7%). F&G gross sales $14,600,000,000 for the year, net sales $10,000,000,000, and adjusted net earnings of $412,000,000 for the full year.
Shareholder Returns and Capital Allocation
Returned approximately $800,000,000 to shareholders in 2025 (common dividends of $546,000,000 and share repurchases of $251,000,000). Board approved a 4% increase in the quarterly cash dividend to $0.52 per share; completed distribution of ~12% of F&G shares returning ~$500,000,000 of tangible value while retaining ~70% ownership.
Improved Adjusted Earnings and Revenue
Consolidated adjusted net earnings of $382,000,000 in Q4 ($1.41 per diluted share) and full-year adjusted net earnings of $1,400,000,000, a 7% increase over 2024. Q4 total revenue excluding gains/losses was $4,100,000,000 versus $4,000,000,000 in 2024.
Capital Strength and Planned Distributions from F&G
F&G increased its quarterly common stock dividend by 14% in Q4. Fidelity expects approximately $112,000,000 of annual common and preferred dividend income from F&G at the 70% ownership level to benefit the holding company.
Negative Updates
GAAP Net Loss Driven by Noncash Tax Charge
Reported a Q4 GAAP net loss of $117,000,000, which included a $471,000,000 noncash deferred income tax charge related to the year-end distribution of F&G shares that reduced ownership below 80%; charge had no cash impact but materially reduced GAAP net income for the quarter.
Investment Income Pressure from Rate Cuts
Interest and investment income in the Title and Corporate segments was $102,000,000 in Q4, down 6% from the prior-year quarter due to Fed funds rate cuts; 2026 quarterly interest income expected in the $95,000,000–$100,000,000 range assuming two 25bp cuts.
Holding Company Liquidity Decline
Holding company cash and short-term liquid investments ended 2025 at $659,000,000, about 85% of the $786,000,000 held at year-end 2024, after funding dividends, buybacks, interest expense, and an equity investment in F&G.
Claims and Reserve Dynamics
Title claims paid totaled $80,000,000 in Q4, $8,000,000 higher than the $72,000,000 provision for the quarter. Carried reserve for Title claim losses is approximately $34,000,000, about 2% above the 4.5% of total Title premiums — a modest cushion.
Persistently Low Transactional Housing Environment
2025 home sales remained among the lowest since 1995 due to high mortgage rates and housing shortage; purchase orders were flat in 2025 vs. 2024 (purchases averaged 3,200 per day in Q4), indicating ongoing sensitivity to macro housing conditions.
F&G Contribution Mix Shift
F&G contributed 30% of FNF's adjusted net earnings for full-year 2025, down from 38% in 2024, reflecting a change in the mix of segment contributions despite F&G's growth in AUM and sales.
Company Guidance
Management's guidance for 2026 focused on steady income and continued capital returns: they expect Title & Corporate interest and investment income of about $95–$100 million per quarter (assuming two 25‑bp Fed cuts), roughly $112 million of annual common and preferred dividend income from F&G to the holding company, and see Title adjusted pretax margins moving toward the midpoint of their long‑run 15–20% range (Q4 2025: 17.5%, FY 2025: 15.9%) as purchase and refinance activity improves (MBA/Fannie project ~10% more existing home sales in 2026) and commercial momentum continues; at the holding company they expect to pay about $560 million in common dividends, carry interest expense near $75 million, receive regulated upstream dividends of ~$400–$450 million and other operating dividends in the ~$600–$650 million range, and plan ongoing share repurchases plus more opportunistic M&A as cash flow generation remains strong.Fidelity National Financial Financial Statement Overview
Summary
Fidelity National Financial demonstrates a solid financial position with consistent revenue growth and profitability. The company maintains a healthy balance sheet with manageable leverage and strong return on equity. However, the decline in free cash flow growth and slight pressure on operational margins highlight areas for improvement.Income Statement
Fidelity National Financial shows a solid income statement performance with a consistent revenue growth rate of 3.13% TTM, indicating a positive trajectory. The gross profit margin is stable at 26.88% TTM, and the net profit margin is healthy at 8.31% TTM. However, there is a slight decline in EBIT and EBITDA margins compared to previous years, suggesting some pressure on operational efficiency.75
Positive
Balance Sheet
The balance sheet reflects a moderate debt-to-equity ratio of 0.47 TTM, indicating manageable leverage. The return on equity is strong at 14.22% TTM, showcasing effective use of equity. However, the equity ratio is relatively low, suggesting a higher reliance on debt financing, which could pose risks if not managed carefully.70
Positive
Cash Flow
Cash flow analysis reveals a decline in free cash flow growth by 15.65% TTM, which is a concern. The operating cash flow to net income ratio is robust at 95.87%, indicating strong cash generation relative to net income. The free cash flow to net income ratio is nearly 1, showing efficient cash conversion, but the recent decline in free cash flow growth needs attention.65
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 14.45B | 13.36B | 11.52B | 11.46B | 15.07B |
| Gross Profit | 14.18B | 7.07B | 5.66B | 7.14B | 8.97B |
| EBITDA | 1.67B | 2.69B | 1.46B | 2.34B | 4.10B |
| Net Income | 602.00M | 1.27B | 517.00M | 1.29B | 2.80B |
Balance Sheet | |||||
| Total Assets | 109.01B | 95.37B | 80.61B | 65.14B | 60.69B |
| Cash, Cash Equivalents and Short-Term Investments | 75.83B | 31.05B | 26.56B | 37.73B | 36.36B |
| Total Debt | 4.40B | 4.71B | 4.28B | 3.66B | 3.51B |
| Total Liabilities | 100.04B | 86.84B | 73.15B | 58.57B | 51.23B |
| Stockholders Equity | 8.97B | 7.75B | 6.91B | 6.12B | 9.41B |
Cash Flow | |||||
| Free Cash Flow | 0.00 | 6.67B | 6.35B | 4.22B | 3.96B |
| Operating Cash Flow | 0.00 | 6.82B | 6.48B | 4.36B | 4.09B |
| Investing Cash Flow | 0.00 | -7.86B | -9.09B | -10.52B | -7.45B |
| Financing Cash Flow | 0.00 | 1.76B | 3.09B | 4.09B | 5.00B |
Fidelity National Financial Technical Analysis
Negative
51.94
Price Trends
54.84
Negative
54.72
Negative
54.41
Negative
Market Momentum
-0.46
Positive
37.94
Neutral
14.52
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FNF, the sentiment is Negative. The current price of 51.94 is below the 20-day moving average (MA) of 55.25, below the 50-day MA of 54.84, and below the 200-day MA of 54.41, indicating a bearish trend. The MACD of -0.46 indicates Positive momentum. The RSI at 37.94 is Neutral, neither overbought nor oversold. The STOCH value of 14.52 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FNF.
Fidelity National Financial Risk Analysis
Fidelity National Financial disclosed 15 risk factors in its most recent earnings report. Fidelity National Financial reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Fidelity National Financial Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $5.63B | 8.57 | 12.35% | 1.88% | 2.78% | -0.50% | |
74 Outperform | $14.08B | 23.06 | 7.93% | 3.69% | 3.91% | 55.78% | |
72 Outperform | $11.08B | 12.79 | 15.90% | 1.36% | 6.91% | 17.60% | |
68 Neutral | $5.85B | 8.21 | ― | 1.89% | 2.20% | 9.90% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $6.84B | 11.06 | 11.95% | 3.58% | 25.99% | 426.44% | |
57 Neutral | $10.27B | 83.86 | 9.94% | 0.93% | 22.77% | -34.97% |
* Financial Sector Average
FNF
Fidelity National Financial
51.51
-5.77
-10.07%
AIZ
Assurant
224.13
21.04
10.36%
FAF
First American Financial
67.63
5.12
8.19%
MTG
MGIC Investment
26.52
2.92
12.39%
ESNT
Essent Group
60.45
5.30
9.61%
RYAN
Ryan Specialty Group
37.97
-30.28
-44.37%
Fidelity National Financial Corporate Events
Business Operations and StrategyDividends
Fidelity National Announces Special F&G Stock Distribution
Neutral
Dec 18, 2025
On December 18, 2025, Fidelity National Financial and its majority-owned subsidiary F&G Annuities & Life announced the final terms of a special stock distribution under which FNF will distribute 16,280,204 shares of F&G common stock, representing about 12% of F&G’s outstanding shares, to FNF shareholders. The pro rata distribution, scheduled for December 31, 2025 to shareholders of record as of December 17, 2025, will provide six shares of F&G for every 100 FNF shares held, with cash paid in lieu of fractional F&G shares and the entire payout treated as a taxable dividend for U.S. federal income tax purposes, effectively broadening F&G’s public float while giving FNF investors a direct stake in the annuities and life insurer without requiring any action or payment from them.
The most recent analyst rating on (FNF) stock is a Buy with a $72.00 price target. To see the full list of analyst forecasts on Fidelity National Financial stock, see the FNF Stock Forecast page.
Dividends
Fidelity National Financial Announces Special Stock Distribution
Neutral
Nov 7, 2025
On November 6, 2025, Fidelity National Financial‘s board approved a special stock distribution of approximately 16 million shares of F&G Annuities & Life, Inc., representing about 12% of F&G’s outstanding shares. This distribution, set for December 31, 2025, will provide FNF shareholders with around six shares of F&G for every 100 shares of FNF they hold as of December 17, 2025. The distribution is structured as a taxable dividend for U.S. federal income tax purposes, and shareholders will receive cash for any fractional shares.
The most recent analyst rating on (FNF) stock is a Buy with a $65.00 price target. To see the full list of analyst forecasts on Fidelity National Financial stock, see the FNF Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.